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According to the latest economic data the United States dollar increased in relation to other major currencies but still it was quite affected by the fact of the decline of consumer spending and sales of property. The level of the consumer confidence is likely to fall to the 60.0 in the current month. According to Sal Guatieri at BMO Capital Markets the US consumers experience hard times due to decreasing house prices, growing energy and food prices and increasing rate of unemployment. The present fall of the consumer confidence level is one of the largest the US economy experienced.

As US traders return to the markets following the Memorial Day holiday, a spate of economic releases will await them. Much of the event risk for the US dollar will likely come from weakening in the housing sector, consumer confidence, and durable goods orders. On the other hand, Thursday’s Q1 GDP release is forecasted to reflect an upward revision, which could prove to be a huge boon for the greenback. Meanwhile, euro traders should keep an eye on German labor market figures and those holding Canadian dollar positions should beware of Friday’s Canadian Q1 GDP report.